Helping Military and Civilian families realize the dream of homeownership since 1990

Laura Borja- Home Loan expert- NMLS 199107

VA loans have very flexible underwriting however, there are some basic guidelines that are followed almost universally by the  majority of lenders.

Credit Score Requirements


VA does not have a minimum credit score requirement, however, lenders will set a minimum credit score to ensure the credit worthiness of the buyer.


Most lender will require at least a 530 credit score.


It is also possible to qualify for loan if you do not have a credit score due to lack of credit history. Loans without credit scores require that alternative credit be presented i.e. utility payments, phone, rent, etc.


The credit history of a non-purchasing spouse must be taken into consideration.

Bankruptcy Guidelines


Chapter 7 Bankruptcy

Generally the requirement is 2 years from discharge date.

It is possible to qualify for a mortgage in less than 2 years if the bankruptcy was filed due to extenuating circumstances (those outside of your control such as unemployment or medical bills not covered by insurance) AND you have rebuilt your credit.  Divorce is NOT considered to be an extenuating circumstance


Chapter 13 Bankruptcy

If the bankruptcy has been completed and discharged, there is no waiting period.

If the bankruptcy has NOT been discharged, you must show that you have made at least 12 consecutive on time payments. You will also need to obtain the approval from the court to enter into new debt.

Foreclosure Guidelines


There is a 2 year waiting period after the foreclosure is completed.

Short Sale Guidelines


The standard waiting period is 2 years from the date that ownership is transfered.

This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.

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Laura Borja  | Senior Mortgage Consultant | NMLS#199107

Cell: (619) 992-4061

27271 Las Ramblas ste 350  Mission Viejo CA 920691

This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only.




Laura Borja- Home Loan expert- NMLS 199107
Laura Borja- Home Loan expert- NMLS 199107